FAQ Exchange rates

Publication time of daily exchange rates is approximately 16:00 CET. Exceptions are Wednesday before Maundy Thursday and New Year's Eve when Norges Bank's rates are set at 9.30 a.m. Exchange rates are not published on Christmas Eve.

Norges Bank lists some 40 exchange rates. For exchange rates for currencies other than those listed by Norges Bank, see for example Oanda.com

An exchange rate is the price of a country's currency measured against that of another country, for example NOK per euro. The international foreign exchange market determines the exchange rate by creating balance between total demand for and supply of foreign currency.

The exchange rates on Norges Bank's website are middle rates, i.e. the mid-point between buying and selling rates in the interbank market at a given time. Close to the time when the exchange rates are quoted, the European Central Bank (ECB) obtains a relevant exchange rate, for example, the number of Norwegian kroner for a euro, in the interbank market from banks and electronic trading systems, and sets the most accurate market rate possible at this point in time.

In the case of currencies not covered by this reporting, Norges Bank obtains market rates from electronic information systems and/or banks. Because an exchange rate always expresses the relationship between two currencies, reporting from the central banks of other countries is used to calculate exchange rates in Norwegian accounting.

The exchange rates are only intended to serve as an indication, and are not binding on Norges Bank or other banks. Norges Bank's exchange rates are often used as a reference and for historical comparisons. Norwegian banks may have different routines for updating exchange rates used in transactions with the public. Because exchange rates are constantly changing, banks' rates may differ from Norges Bank's rates. Moreover, banks' rates have margins for buying and selling, whereas Norges Bank's rates are pure middle rates.

With a fixed exchange rate regime, the central bank is actively involved in the purchase and sale of currency in order to maintain the official exchange rate. With a floating exchange rate, as is the case in Norway, the exchange rate will reflect supply and demand in the international foreign exchange market. The krone exchange rate will therefore reflect the international value of the Norwegian krone.

Listing of the Icelandic krona on Norges Bank's list of daily exchange rates was suspended from December 2008 to February 2018.

In Norges Bank's list of daily exchange rates, the last date on which the rate for the Icelandic krona was published was 9 December 2008. The European Central Bank (ECB) resumed its listing of the Icelandic krona on 1 February 2018, and Norges Bank resumed its listing on 5 February 2018.

Published9 July 2018 14:42